Inverse Hammer near 24400 ended correction, set demand base at 24400–24500 - Tradebulls Securities Pvt Ltd
Nifty
The occurrence of an Inverse Hammer near the 24400 zone signalled the end of the recent corrective phase and helped define a fresh demand base between 24400–24500. This base was further reinforced by the appearance of a Bullish Hammer in the final session of the week, establishing a strong support marker around 24600. Momentum indicators reflect a phase of consolidation, with the RSI steady near 50 and the ADX below 25, indicating subdued trend strength. At the same time, multiple moving averages and robust Put OI concentration at 24500 add weight to this demand band. On the upside, a decisive breakout above the 25000–25220 zone would be crucial to unlock further momentum. Notably, the Inverse Hammer also aligns with the 88.6% Fibonacci retracement of the 24344–25154 move, suggesting that near-term price action may oscillate within the 25220–24500 range. For the September series, the undertone remains broadly positive. However, a confirmatory close above the latest Bullish Hammer is an immediate prerequisite for the up move to extend towards the 25070–25220 zone in the coming weeks. On the flip side, maintaining 24600–24500 as a firm support is critical to preserving the bullish structure.
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